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The Beginning of a Bitcoin Bull Run?



bitcoin bull run

The Beginning of a Bitcoin Bull Run?

After 15 months of losses and stagnation, Bitcoin has made a miraculous recovery — rising more than 150% from its lowest point in December 2018.

In its heyday, Bitcoin had surpassed $10,000 in early December 2017, before briefly crossing the $20,000 mark for a single day on December 17th. A year later, the digital currency had fallen back to Earth, dropping below $3,200.

Now that the dust of that wild speculative frenzy has settled, Bitcoin is back on the upswing. What could be causing this most recent surge in growth?

We look at four possible explanations for the Bitcoin bull run, as originally outlined by Aaron Hankin at MarketWatch:

Technical Milestones

Bitcoin has seen several technical milestones this year, such as surpassing the psychological barrier of $5,000 in early 2019, breaking the 200-day moving average, and scoring the golden cross (when the 50-day moving average crosses above the 200-day moving average).

Widespread Adoption

Bitcoin is experiencing a steady increase in adoption across several markets. The term Bitcoin has become a household name — even if people don’t understand what it does, they know what it is.

Companies such as Starbucks, Microsoft, and Amazon, and Nordstrom are looking for ways to integrate cryptocurrencies into daily transactions for faster payment clearance, innovative rewards programs, and efficient customer service interactions.

bitcoin merchants

Shifting Sentiments

Bitcoin has possibly seen a shift in public perception. There have been fewer negative articles about Bitcoin and cryptocurrencies, and the news stories that are negative no longer have as big of an impact as they once did.

When Binance announced hackers stole $40 million in bitcoin and when accusations of an $850-million cover-up were leveled against Bitfinex and Tether, the Bitcoin bull run barely flinched and continued to climb.

Wavering Gold Investment

Investor confidence in gold has been more stagnant in recent times. To capitalize on this, Grayscale Investments (of Digital Currency Group) posted a campaign in May 2019 promoting Bitcoin as an ideal alternative to gold because it is borderless, secure, and more efficient for storing value.

Despite the World Gold Council’s response denying those claims, the Grayscale Bitcoin Trust saw OTC Markets Group’s highest trading volumes five days later.

Where to from here?

After a long skid, it appears Bitcoin is showing signs of life again. Bitcoin’s price can be highly volatile, so it remains to be seen whether this is the beginning of a bull run, or whether this is just another bump in the roller coaster ride.

Editor’s note: The price of Bitcoin has fallen to $7,100 at time of publishing and will likely continue to experience extreme volatility. However, even at a price of $7,100, this is still a 120% increase from lows in Dec 2018. As well, an earlier version of this graphic had incorrect dates on the timeline. That has now been corrected.

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Visualizing the 15 Most Valuable Bitcoin Addresses

The most valuable Bitcoin address is worth $17.5B.



Bar chart of the 15 most valuable bitcoin wallets.

Visualizing the 15 Most Valuable Bitcoin Addresses

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

A Bitcoin address is a unique identifier consisting of 26 to 62 alphanumeric characters used to receive bitcoins.

These addresses serve as the destination for transactions on the Bitcoin network, ensuring that funds are sent to the correct recipient.

This graphic ranks the 15 most valuable Bitcoin addresses globally as of May 2024, based on BitInfoCharts’ Bitcoin Rich List.

How Bitcoin Works

Bitcoin is considered the world’s most valuable digital currency.

Unlike fiat currencies such as the U.S. dollar, which central banks back, a cryptocurrency like Bitcoin is supported by an underlying blockchain. This blockchain records every Bitcoin transaction in a public, decentralized, and distributed ledger.

Every time bitcoins are spent, a digital transaction record must be validated and added to the blockchain. Miners undertake this task, legitimizing and auditing Bitcoin transactions while earning bitcoins as a reward.


According to BitInfoCharts, the world’s top Bitcoin address dates back to October 2018, with a balance of 0.1 BTC (worth $660 at the time).

Since then, it has experienced several massive swings in value, reaching 180,000 BTC ($1.7B) in November 2019 and then falling to 1,370 BTC ($9.4M) in April 2020.

RankBalance (BTC)Value (USD)Address

Beginning in late 2020, this address began accumulating bitcoins at a rapid pace, reaching 300,000 BTC ($10.3B) in July 2021.

Since January 2023, its BTC balance has remained constant at around 248,597 BTC.

If you enjoyed this post, check out Ranking the Largest Bitcoin ETFs in the U.S. In this graphic, we rank the top eight Bitcoin ETFs in the U.S. by their total assets under management.

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